On Thursday Ghanaian courts upheld the seizure of the ARA Libertad. NLM a subsidiary of Elliot Capital Management which lodged the complaint against Argentina is demanding 20 million dollars in exchange for the ship even though the ship is only worth 10 million dollars. The US based Elliot Capital Management is run by Paul Singer and owns 1.6 billion dollars of Argentine debt purchased on the secondary market between default and repudiation at a fraction of its worth. In some cases the bonds cost only 15 cents on the dollar. Argentina is arguing that the naval vessel has sovereign immunity and can not be seized to pay off the debt owned by Elliot Capital Management.